UK's next prime minister could be of Indian heritage
July 20, 2022, 7:58 am

UK's next prime minister could be of Indian heritage

Boris Johnson and Rishi Sunak. Labour’s Rachel Reeves says there is a ‘growing feeling that if one has access to a telephone number of someone like the prime minister or the chancellor of the exchequer, then they are able to gain special treatment’.

After British Prime Minister Boris Johnson's resignation as leader of the ruling Conservative Party, Rishi Sunak, one of the lawmakers competing for the party leadership and prime minister's seat, won another round of voting Tuesday (July 19), bringing him one step closer to possibly becoming the first person of Indian origin to occupy the UK’s top post, the Anadolu Agency reported.

Since Johnson stepped down on July 7 as a result of a series of events, including resignations in his Cabinet and party, the 358 deputies of the Conservative faction in the House of Commons began the process of electing its new leader and prime minister.

To replace Johnson, Sunak, the former chancellor of the Exchequer, International Trade Minister Penny Mordaunt, head of the Foreign Affairs Select Committee Tom Tugendhat, Foreign Secretary Liz Truss, Attorney General Suella Braverman, former Health Secretary Jeremy Hunt, former Equalities Minister Kemi Badenoch, and current Chancellor Nadhim Zahawi competed in the first round held on July 13.

The election rounds will continue by eliminating the deputies with the fewest votes until the last two candidates remain and Conservative members of parliament will decide between the final two candidates in a postal ballot. The results are expected on Sept. 5.

Rishi Sunak went to Winchester College and studied Politics, Philosophy and Economics at Oxford University. He was also a Fulbright Scholar at Stanford University (USA) where he studied for his MBA - Photo. Official Facebook account

Sunak was the candidate with the most votes in round one, at 88, while Mordaunt received 67, Truss 50, Badenoch 40, Tugendhat 37 and Braverman 32.

Sunak garnered 101 votes in the second round, followed by Mordaunt with 83, Truss with 64, Badenoch with 49, and Tugendhat with 32.

Rishi Sunak wins UK's third round leadership vote

In the third round, Sunak earned 115 votes, followed by Mordaunt with 82, Truss 71, Badenoch 58, and Tugendhat 31. Due to receiving the fewest votes in this round, Tugendhat was knocked out of the leadership race.

In the fourth round, Sunak received 118 votes, Mordaunt 92, Truss 86 and Badenoch 59. Due to receiving the fewest votes, Badenoch was eliminated.

Three candidates remain in the race – Sunak, Mordaunt and Truss.

On Wednesday (July 20), one more round of voting will be held to eliminate one candidate, leaving just two contenders for the top position in the party. After that, they will campaign across the country before party members vote on the winner.

UK's Sky News cancels third Conservative leadership debate

Sunak's ancestors were Indian immigrants who traveled from India to England and from England to Africa. His father, Yashvir Sunak, was born in Kenya, while his mother, Usha Sunak, was born in Tanzania.

Pharmacist Usha and general practitioner Yashvir, who emigrated to England from Africa in the 1960s, met in this country and got married. Rishi Sunak, the eldest of the Sunak family's three children, was born on May 12, 1980 in Southampton, England.

On Sept. 5, after the election, the new leader of the post-Johnson party and the new occupant of the Prime Minister's residence -- No. 10, Downing Street -- will be revealed.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.